All Forum Posts by: Rob Rey

if at all possible,
stay away from attorneys.

99% of attorneys are scumbags who will rip you off

To update this thread .....

A bidding war broke out on this Unit, and I was badly outbid.

I put in a full price offer, was informed by my rep that I was outbid, and would I like to up my offer.
Now normally I wouldnt believe this, but this time I did, and increased my offer by 5% over list. To make a long story short, the Unit is now under agreement for an amazing 20% over list . A person who had relatives right in this neighborhood bid agressively for it .
The Unit needed a lot of work, but it was in a good neighborhood, and the Unit had tons of potential, and a couple of desireable features, (fireplace, plus bedrooms at opposite ends of living room)
Oh well,
I'm still looking for a sure fire deal I cant screw up, but I havent been able to find one.
GL all
.

Be careful, dont get in over your head

Sometimes the best deal is the deal you pass on, or miss out on.

If a house needs foundation work, Run !!!

He will be a Bust !!!

this has happened to me, and most likely, many of us

I have waited months for a Bank Property to be priced,
only to be blown away by the ridiculous price the property is finally priced at.

I feel if I show interest in said property,
it only hurts me.

You could very well be in a long waiting game.

I have been keeping an eye on a Property that was originally priced
at $229,000 (mind boggling), now said property is at $159K
which is still to high.

I want to put an offer in at $144,000 but I need to wait a bit longer.
Once this property has been on the market for 30 days at $159K
I will then put my $144K offer in.

I am trying to get this for a family member.

I find HUD to be the slowest of all entities to lower their home prices.

Good Luck, you might need to broaden your horizons :idea:
.

often it is the local smaller long established savings and loans or long established credit union

less and less of these

in my particular city, (100K pop) i can only think of three, possibly four that still work this way

a quick phone call is all you need to do

[b]I truly believe the worst advice a person can get about Real Estate
is from a Realtor.[/b]

[size=18]And I am not joking.[/size] :protest:

I check County Records daily, I probably know more about market value than 90% of Realtors, who are simply incapable of telling the truth.

Check 2-3 real estate sites daily, others on a weekly basis.

The market is extremely dead right now.
Only 1-2 Condos sell daily in this City (100,000 pop plus)

The Fannie Freddie bailout will quickly change this, (I hope)

I think my $105K is conservative .

The last Unit in this complex sold for $154K, (Fall 2005)
The Unit was an end unit , and it was in mint condition,
I was briefly in the kitchen talking to the owner, glancing about.
.

Pretty sure this is how it works out .

I have walked the exterior of the property numerous times now,
not sure if I like the looks of a very big retainer wall holding back
earth in the rear, but everything else looks great, to me anyways .
.

I didnt want to come right out and say this,
but yes, I will be using family savings.

I look at this cost as lost bank interest, maybe 3-4% tops nowadays.
.

I am trying to pick a property, with the hope of fixing it up a bit, then selling the property shortly afterwards for a profit.

What type of unit would you recommend a new investor with limited handyman ability get involved in for his first attempt at Buying and Flipping ???

Buying , Fixing, and Selling, 4 month time frame, (I hope)

I am not a handyman, so estimating repair cost is a reach.

A poster on this site suggested to use the $5K rule to estimate repair cost

The Condo needs a lot of work, but is located in a great location,
a desirable complex with only 4 Units, and more importantly No Condo fee,
which will keep holding cost down.

Unit is pretty trashed, needing just about everything.

Kitchen, Bathroom, Walls, Doors, Carpets, Appliances, the whole works

I think the Condo could sell rather easily for $105,000 possibly more all fixed up.

Figuring $60K to buy, $20K to bring Condo up to mint condition, minimal holding cost, does this Unit hit the Buy and Flip radar for a first timer ???

Very new and inexperienced investor, but I'm trying to get a start somewhere.

Is this a border line call ?

In today's market, is a border line call a pass ?

Last buy not least , what type of unit would you recommend a new investor with limited handyman ability get involved in for his first attempt
at Buying and Flipping ?

One Poster here mentioed he wont get involved in any Unit that needs more than $5K worth of sprucing up .

Do you think that might be the way to go for a first timer ?
.

So, to sum this up, what type of Buy and Flip type property do you think a Virgin like wanna be flipper should get involved in ???

Capital for the first flip is not a problem, but if I screw up the first attempt, I will be put out of business, if you know what I mean.

If I screw up the first attempt, I will not get a chance at a second attempt, so it's important I pick the right Unit to Flip, and succeed.

Is a total interior rehab unit, a bad place to start ?

Note: Holding and Renting the Unit is out of the question.
.